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Updated over 7 years ago,
Would a Hard Money Lender Loan on this Situation?? Newbie ?s :)
So.. Here's the situation.
- I've found a property I would like to purchase
- The bank won't loan on it because it needs some rehab
- I would like to get a hard money loan to purchase it and fix it up
- Then I would like to move into it and pay off the hard money loan with traditional financing.
I'm a newbie, especially to hard money, so help me understand... Is this possible with hard money? Most of the sites I have visited from BP's featured lenders page say explicitly that they will not loan on owner occupied homes. But "technically" it's not an owner occupied home right? At least during the course of the hard money loan.
Is this an issue? If so, are there ways around this issue?
Oh, and if anyone has any recommendations for hard money lenders that they've worked with in the past that would also be super helpful :) thanks a ton!